ICAP Settles SEC Bogus Broking Rap For $25M

Law360, New York (December 18, 2009, 6:19 PM EST) -- ICAP PLC’s stateside unit has agreed cough up $25 million to settle the U.S. Securities and Exchange Commission’s claims the interdealer broker carried out deceptive broking activities and jazzed up its trading screens with fictitious transactions to attract customers.

The agency announced Friday that ICAP Securities USA LLC and a handful of its brokers agreed to resolve the administrative action, concluding a four-year investigation into the interdealer broker’s allegedly embellished trading activities.